Cheap Accounting

AUGUST 31, 2023

In the past the attraction of a limited company had been enhanced due to lower taxes on the profits extracted from the business. With the introduction of the Dividend Tax and the increases in Corporation Tax, this advantage has been eroded for many unless you have larger profits (at least over £30,000).

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Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. The C corporation shareholder can benefit not only from a reduced 21% corporate income tax rate, but the 1202 exclusion on the sale of their stock as well.

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Menzies

AUGUST 1, 2023

One of the main benefits of a company when compared to a sole trader business is that there is flexibility in when and how you extract profits, giving you the control to ensure you are optimising your overall tax position. Dividends are not deductible for corporation tax purposes, but they do not attract NICs charges.

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? How are C corporations taxed? How do C corps file taxes? Corporation Income Tax Return.

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ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches.

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